Approval under section 35(1)(ii) triggers research institution compliance: separate accounts, annual returns and audited filings. Approval is granted to the United Planters' Association of Southern India, Coonoor, as an Institution under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, subject to maintaining a separate account for research receipts, furnishing annual returns of research activities by 31st May, submitting audited annual accounts and balance-sheet by 30th June to the prescribed authority with copies to tax authorities, and applying for renewal three months before approval expiry, with late applications liable to rejection.
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Provisions expressly mentioned in the judgment/order text.
Approval under section 35(1)(ii) triggers research institution compliance: separate accounts, annual returns and audited filings.
Approval is granted to the United Planters' Association of Southern India, Coonoor, as an Institution under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, subject to maintaining a separate account for research receipts, furnishing annual returns of research activities by 31st May, submitting audited annual accounts and balance-sheet by 30th June to the prescribed authority with copies to tax authorities, and applying for renewal three months before approval expiry, with late applications liable to rejection.
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